Midweek Soy Futures Start Higher

Soybeans are trading 3 ¾ to 5 ¼ cents higher so far, with meal up $2.20 and BO 42 points in the black. Yesterday, bean futures ended the day with 4 ¾ to 13 ½ cent losses, though most of the decline came via a gap lower at the open – in response to Monday’s gap higher out of the weekend. November closed essentially at the low for the day and was clinging to a 4 ¾ cent gain for the week. Preliminary open interest for soybeans dropped 3,037 contracts, all in the September contract month. There was net new selling further out. Soymeal futures ended with $6.40 to $7.10 losses on the Tuesday session. Soybean Oil futures settled with 12 to 34 point losses on the second trade day of the week.  

Argentina’s latest preferential exchange rate for soy exports will be adjusted in September to maintain the preferential rate and encourage sales during the ongoing wicked domestic inflation. 

StatsCan reported 23/24 soybean production is expected at 6.735 MMT, compared to 6.543 MMT last season and 6.7 expected. Canola output came in about 160k MT above the average trade guess but still a 1.1 MMT loss yr/yr with 17.561 MMT reported. The full run of estimates was 16.1 MMT to 18.6 MMT going in. Canadian Canola Prices rose on the news and then faded the gains.

Sep 23 Soybeans  closed at $13.82, down 13 1/4 cents, currently up 5 1/4 cents

Nearby Cash   was $13.74 1/2, down 15 5/8 cents,

Nov 23 Soybeans  closed at $13.92 1/2, down 13 1/4 cents, currently up 5 1/4 cents

Jan 24 Soybeans  closed at $14.05, down 11 1/2 cents, currently up 4 3/4 cents